Euro Edges Ahead of Pound as Hopes for Hormuz Deal Rise

The Euro has gained against the British Pound, trading around 0.8570 on Wednesday, as hopes of a de-escalation in the Gulf have given it a modest lift.

Russian agency RIA Novosti reported that Washington and Tehran had agreed to a ceasefire that would restore free navigation through the Strait of Hormuz, which carries about a fifth of the world's oil and liquefied natural gas before the conflict.

This prospect has provided a relative positive for the energy-importing Euro area, helping it edge ahead of the Pound.